Cryptocurrency accounting, tax and compliance platform Bitwave has raised an investment of $ 15 million in the Series A funding round led by Hack VC and Blockchain Capital.
About Investing
The Series A funding round was led by Hack VC and Blockchain Capital, while investors such as SignalFire, Valor Equity Partners, Arca, Pulsar Trading, and Alumni Ventures Blockchain Fund participated in the round. The company will use the funds they have raised for the Institutional solution, which was developed to help companies manage the complexities associated with cryptocurrency taxation, accounting, control and reporting. Pat White, CEO and Co-Founder of Bitwave, said:
“We are excited to work with Hack VC, Blockchain Capital, SignalFire, and our other new investors to drive the next stage of growth for Bitwave. Despite an interesting economic environment, Bitwave continues to scale by focusing on the hardest problems in the digital asset economy – the accounting, compliance, and trust building that our industry must adopt as we mature. Bitwave empowers pioneering digital asset accounting teams to seamlessly manage the accounting and compliance needs surrounding digital assets on their balance sheets.”
About Institutional
The cryptocurrency market and the taxation of these crypto currencies are difficult issues to understand. The platform has developed Instituional to bring solutions to these complex issues. Institutional is installed inside the existing platform, but it has more advanced features. Institutional provides solutions by fully addressing the complex processes of companies using digital assets, such as accounting, taxation and reporting. The main features of the Institutional solution are as follows;
- Institutional-grade client asset and liability tracking
- Complex segregation of coin inventories
- Internal and external system reconciliations
- Single-click proof of reserves and proof of capabilities
Ed Roman, Managing Partner of Hack VC, said:
“We evaluated the ecosystem of institutional-grade solutions, and determined that Bitwave was by far the market leader. We selected them to be the vendor we use for our own digital asset accounting software. Bitwave’s best-in-class solutions, strong leadership, and impressive growth made this investment a no-brainer for us. We look forward to working with Pat, Amy, and their team to help Bitwave achieve its full potential.”
About Bitwave
Bitwave was founded in 2018 by Pat White and Amy Kalnoki. The company is the first digital asset finance platform specifically designed to manage the intersection of cryptocurrency tax, accounting and compliance. Platform provides services that help companies manage the complexity of the crypto-currency taxation, accounting and compliance process. Platform currently provides services to leading companies in the digital asset market such as Opensea, Compound and Polygon.
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